Auto-security company LoJack, LOJN, lays off 46

by Zagros on June 26, 2010

United Press International “Business News “
LoJack Corp. , the Westwood, Mass. , vehicle-security system maker, said it will lay off 46 employees as part of restructuring.
The layoffs will be primarily among employees at the company’s headquarters and field sales staff, the company said.
LoJack cited “changing dynamics” in the automotive market and said the layoffs would reduce costs by $3.5 million for the rest of this year and $6.8 annually starting next year.
“We regret the hardship that this restructuring will have on affected employees but believe these actions position us well to meet the changing dynamics of the automobile marketplace,” Richard Riley , LoJack’s chairman and chief executive officer, said in a statement.
LoJack said it will take a $1.8 million charge in the second quarter of this year for severance and other costs related to the layoffs.
Riley said the company expected gradual revenue growth, much of it in the second half of 2010.